The show attracted about 4 million viewers a night on average when it ran over the summer – arguably below levels that ITV executives would have expected from a high budget Cowell show fronted by its two most popular presenters, Anthony McPartlin and Declan Donnelly.

Cowell's "super-sized" gambling series, which gives contestants the chance to win £1m by guessing red or black on the outcome of large-scale celebrity-fronted challenges, is thought to be one of ITV's most expensive entertainment productions per episode.

Sources said ITV and Syco are looking at reducing the scale of the stunts in order to cut costs. They are also understood to be considering running the second series on Saturday nights – where it proved more popular with viewers – rather than stripping it every day across a week as the first series was.

Other complications include tightening up procedures for selecting contestants after former criminal Nathan Hageman scooped the first jackpot. After his win caused a tabloid storm, two other contestants were removed from the show following further criminal checks on their backgrounds.

In addition, there were, to some people's surprise, four £1m winners. Although the prize money was underwritten by insurers, premiums could rise for a second series.

Speaking at an ITV event recently, when asked if Red or Black? would return, Fincham said "I haven't made that decision yet". "It is a big show… the sort of thing ITV should be doing on a Saturday night. [It's a show I] want to make some changes to … I'm nearly there, but not quite ready yet," he added.

Sources said Fincham is expected to make his decision before Christmas if he can.

Tied in with Red or Black?'s recommission is Ant and Dec's golden handcuffs deal with ITV, which is in the process of being renegotiated.

Their previous two-year deal – which is up at the end of December – includes which major programmes they will present and, according to production sources, at the end of the last series they were keen to present Red or Black? again.

Cowell has previously said he wants to take the show, which is co-produced by his production company Syco and ITV's production arm ITV Studios, "around the world".

It is understood his company stands to gain more from sales of the international rights than ITV and that the network signed a one-series deal with ITV Studios and Syco for Red or Black?, with an option to make a second run.

If ITV does not take up the option then Cowell's plans to sell Red or Black? abroad could be hindered.

One source said: "[Red or Black] costs around £1m an hour, perhaps £1.3m per show all in, real top-end stuff for ITV. The top end of what they would ever think about investing, up there with X Factor probably. If you look at the number of shows and the payout to the winners they probably had a net investment of £12m or £13m."

The insider added: "Commercially it wouldn't have been great returns for them. The multi-million sponsorship with Domino's was split with Syco, there weren't really additional streams like phone voting and the audience levels weren't great and the viewing profile had no special spike, like a youth skew, so ad sales probably weren't great.

"The pressure point is the relationship with Syco. Cowell wants this to go global and so they will definitely be saying they can make it more engaging, put in more jeopardy, make it more watchable."

An ITV spokesman said: "No decision has been made on commissioning further series of Red or Black?."

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